Laxmi Cotspin Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Laxmi Cotspin Limited reported flat revenue of Rs 15,067.21 Lakhs for FY2026, nearly unchanged from Rs 15,041.56 Lakhs in FY2025. The company swung to a net loss of Rs 115.95 Lakhs despite booking an exceptional gain of Rs 526.73 Lakhs from partial sale of plant and machinery. Operating loss before exceptional items improved to Rs 188.06 Lakhs from Rs 491.57 Lakhs previously, driven by lower material costs and reduced finance charges. The auditors issued a Qualified Opinion citing multiple concerns: improper inventory records valued on estimates, a Rs 751.25 Lakhs advance to subsidiary without board approval, an unresolved land sale transaction to subsidiary with incomplete legal formalities, and failure to assess Expected Credit Loss on trade receivables over 3 years old. Trade receivables dropped significantly from Rs 332.18 Lakhs to Rs 189.38 Lakhs.
The Qualified Opinion raises red flags about financial reporting integrity and internal controls. The flat revenue, operating losses, and auditor concerns about related party transactions and inventory controls suggest elevated risk. Shareholders should monitor for further disclosure on the subsidiary advances and land sale completion.